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Strategic financial insights : assessing the pandemic impact on greece's top aviation companies

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  • Covar, Eliska

Abstract

Purpose This study delves into the transformative effect of the COVID-19 pandemic on Greece's aviation industry, specifically focusing on its major players: Aegean Airlines S.A., Sky Express S.A., and Olympic Air S.A. The purpose is to dissect the unique challenges brought about by the pandemic, evaluating their financial implications and strategic adaptations. This research is paramount due to its relevance, offering nuanced insights into the industry's resilience amidst unparalleled adversity. Method Employing a rigorous approach, this study utilized financial ratios spanning 2018 to 2021, meticulously analyzing data sourced from annual reports and financial statements. Established financial metrics were applied to measure profitability. Findings Our analysis reveals significant setbacks faced by these companies during the pandemic. However, amidst challenges, strategic adaptations and resilience emerged as guiding principles. Notably, Aegean Airlines demonstrated exceptional resilience, evidenced by a Return on Capital Employed (ROCE) of 32.93% and an impressive Net Profit Margin (NPM) surge of 58.57% during the in-COVID period. Novelty This study's uniqueness lies in its precise analysis of the pandemic's impact, highlighting the strategic initiatives that empowered these companies not only to endure but to emerge stronger. These insights offer valuable perspectives for industry stakeholders and researchers, illuminating the nuances of strategic financial management amid unprecedented crises.

Suggested Citation

  • Covar, Eliska, 2025. "Strategic financial insights : assessing the pandemic impact on greece's top aviation companies," MPRA Paper 124371, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:124371
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    References listed on IDEAS

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    1. Emmanouil Taxiarchis Gazilas, 2024. "Economic Factors Influencing Homicide Rates: A European Perspective," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 23(2), pages 258-278.
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    5. Gazilas, Emmanouil Taxiarchis, 2024. "Urban Fixed-Line Telecommunication Density and Its Influence on Financial Outcomes in Greece's Leading Telecom Firms," MPRA Paper 122531, University Library of Munich, Germany.
    6. Gazilas, Emmanouil Taxiarchis & Vozikis, Athanassios, 2023. "An Empirical Analysis on the Impact of Market Concentration on the Financial Performance of General Private Clinics in Greece," MPRA Paper 121234, University Library of Munich, Germany.
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    Cited by:

    1. Yılmaz, Emre & Bekele, Tewodros & Yuang, Đặng & Kim, Min-ji, 2025. "Building Financial Power in Small and Medium Enterprises," MPRA Paper 125292, University Library of Munich, Germany.
    2. Thị Mai, Nguyễn & Wijaya, Putri & 陽翔, 田中 & Volkov, Dmitry, 2025. "Cross-Sector Performance Benchmarking: The Evolving Role of Financial Ratio Analysis Across Industries," MPRA Paper 125290, University Library of Munich, Germany.
    3. Hương, Trần & Đức, Vũ & Ndlovu, Thando & Chaiwat, Somsak, 2025. "Financial Ratio Analysis: A Research Note on Post-Pandemic Lessons Across Sectors," MPRA Paper 125291, University Library of Munich, Germany.
    4. Zhang, Yi & Silva, Beatriz & Moreau, Élodie & Tāne, Hinewera, 2025. "Financial Ratio Analysis: A literature Review Working Paper," MPRA Paper 125289, University Library of Munich, Germany.

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    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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